Sun Insurance Company Ltd, has recorded an unaudited post-tax profit of $5.06 million, for the first nine months of the current fiscal year.

This has significantly surpassed investor expectations.

The growth represents an extraordinary growth of 766% compared to the corresponding period of 2023, where the unaudited post-tax profit stood at $ 0.58 million.

The growth in profitability is attributed to an improved claims loss ratio mainly due to lower fire claims in the current period as compared to the same period last year.

In terms of revenue, Sun Insurance has also made substantial strides, recording a turnover of $27.9 million for the first three quarters of 2024.

This is a notable increase from the $22.6 million turnover achieved for the same period of the previous year, highlighting the company’s robust growth trajectory aided through improved customer relationship and enhanced service coupled with effective sales promotion strategies.

Commenting on these impressive results, Padam Lala, Chairman of Sun Insurance Company Ltd, stated, “Given the challenging global environment marked by lower economic growth, our achievement is commendable in addition to the fact that the year 2023 had unprecedented number of claims” He emphasized that the credit for this success belongs to the diligent staff, as well as the partnership and efforts of insurance brokers and agents, who have worked tirelessly to drive the company forward.

Tarlochan Singh, the company’s Principal Officer, echoed this sentiment, stating, “The confidence our customers have in our products and services has been instrumental in driving our success.” This strong customer trust has laid the foundation for the company’s growth and profitability.

The company also reported it’s first-ever post-IPO interim dividend of $2.5 million based on its nine-month performance.

Sun Insurance Company Ltd is a general insurance provider that was listed publicly in August 2024.

Remarkably, within just a few weeks of listing, the company’s share price saw an impressive 100% gain, reflecting overwhelmingly positive sentiments from investors.

Looking ahead, the company plans to expand its offerings by launching several new insurance products and initiatives in the coming year, further enhancing its position in the market.

As it continues to navigate a complex economic landscape, Sun Insurance remains committed to delivering innovative solutions that meet the needs of its customers.